3/28/2012

Greece's Mytilineos, Motor Oil to bid for gas company DEPA

Greek metals group Mytilineos will bid for state-owned gas company DEPA together with Greece's second-biggest oil refiner Motor Oil, the company said on Wednesday.

"Mytilineos will submit a letter expressing interest, jointly with Motor Oil and M&M Natural Gas Co to acquire 100 percent of DEPA Group excluding its fully-owned gas grid operator DESFA," Mytilineos said in a bourse filing.

Greece invited bids for state-owned gas company DEPA in February as part of a plan to raise 19 billion euros from privatisations by 2015.

DEPA is active in wholesale, trading and supply of gas to retail and industrial clients. Its wholly owned subsidiary DESFA operates a high pressure gas transport network and liquified natural gas facilities in Greece.